Silicon Valley Housing Slowdown Economic Indicator
More Silicon Valley housing news. The real estate market looks like it will cool in the Silicon Valley and San Jose regions, but the housing prices should hold firm. Business leaders met to discuss the potential of the market.
Silicon Valley has traditionally been outside of the normal real estate demand curves, owing it’s fortunes to the tech industry. However, for the rest of the country, it tends to be a barometer for the future.
The pace of home sales is going to go down, and it’s not going to be as good as it was. But it’s also not going to be as bad as you fear,” California economist Michael Bazdarich told a gathering of about 75 Silicon Valley Realtors and agents recently.
That translates to about a 15 percent drop in existing home sales in Santa Clara County, he said, and about a 10 percent drop in San Mateo County. Home prices should level.Any softening in new home construction likely won’t mean a whole lot for the region, he added. Despite record home construction nationwide, Northern California has not seen a huge ramp-up in new-home building, so its economy has limited dependence on construction’s strength right now. via Silicon Valley Business Journal.
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